23.04.2024 • 13/2024
Chinesische Massenimporte stärken extreme Parteien
Die Globalisierung hat den politischen Rändern in Europa Stimmenzuwächse beschert. Eine Studie des Leibniz-Instituts für Wirtschaftsforschung Halle (IWH) belegt erstmals Langzeitfolgen gestiegener chinesischer Importe in europäische Länder: Vor allem rechtsextreme und populistische Parteien konnten in nationalen Wahlen vom so genannten China-Schock profitieren.
Steffen Müller
Pressemitteilung lesen
Ownership Structure and the Cost of Debt: Evidence From the Chinese Corporate Bond Market
Sris Chatterjee, Xian Gu, Iftekhar Hasan, Haitian Lu
Journal of Empirical Finance,
September
2023
Abstract
Drawing upon evidence from the Chinese corporate bond market, we study how ownership structure affects the cost of debt for firms. Our results show that state, institutional and foreign ownership formats reduce the cost of debt for firms. The benefits of state ownership are accentuated when the issuer is headquartered in a province with highly developed market institutions, operates in an industry less dominated by the state or during the period after the 2012 anti-corruption reforms. Institutional ownership provides the most benefits in environments with lower levels of marketization, especially for firms with low credit quality. Our evidence sheds light on the nexus of ownership and debt cost in a political economy where state-owned enterprises (SOEs) and non-SOEs face productivity and credit frictions. It is also illustrative of how the market environment interacts with corporate ownership in affecting the cost of bond issuance.
Artikel Lesen
Startseite
Chinesische Massenimporte stärken extreme Parteien Die Globalisierung hat den politischen Rändern in Europa...
Zur Seite
Department Profiles
Research Profiles of the IWH Departments All doctoral students are allocated to one...
Zur Seite
Department Profiles
Research Profiles of the IWH Departments All doctoral students are allocated to one...
Zur Seite
Lecturers
Lecturers at CGDE Institutions ...
Zur Seite
Finanzstabilität
Finanzsysteme: Die Anatomie der Marktwirtschaft Wie ist das Finanzsystem aufgebaut, wie funktioniert es, wie...
Zur Seite
Gebietsstands-Transformation Deutschland
Schlüsselbrücken zur Gebietsstands-Transformation in Deutschland Der Staat besitzt...
Zur Seite
Lecturers
Lecturers at CGDE Institutions ...
Zur Seite
PhD Graduates Financial Markets
PhD Graduates of the Department of Financial Markets Willam McShane: "The...
Zur Seite